Sistema Asia Fund and others invests $12M in Seclore founded by ex-IITians

Sistema JSFC has provided $12 mn of Series B funding to Seclore as part of a four-member investor consortium, a person with direct knowledge of the matter told ET.Kalyan Parbat | ET Bureau | May 04, 2016, 09:46 IST

The proprietary venture capital fund of Russian conglomerate Sistema JSFC has provided $12 million of Series B funding to Seclore as part of a four-member investor consortium, a person with direct knowledge of the matter told ET.

Seclore, which also has offices in the US, helps organisations secure information shared externally, is a leading provider of enterprise digital rights management (ERDM) solutions and has a growing roster of Global 5000 companies which use its technology to protect sensitive information from cyberattacks.

Singapore-based Sistema Asia Fund is being advised by Insitel Services, a wholly-owned Indian arm of Sistema JSFC.

The fund was floated earlier this year with an initial tranche of $50 million (about Rs 340 crore) to support Indian startups operating in technology and niche consumer-centric segments.

"In the modern, global world of cloud and mobile technology, it is extremely difficult to balance effective external collaboration with strict information usage policies and Seclore has reinvented EDRM with innovations in ease-of-use and simplified connectivity to accelerate adoption of information-centric security," said Kirill Kozhevnikov, managing director of Insitel Services.

Seclore's CEO Vishal Gupta said there had been an uptick in demand for EDRM as organisations are finding that persistent, granular file-centric security is the best defence against cyberattacks and other risks associated with sharing of sensitive information.